Hunt Mortgage Group provided a $28 million first mortgage bridge loan to facilitate the recapitalization and renovation of a mixed-use multifamily and commercial property in Stamford, Connecticut.
Park Square West Apartments is a nine-story property at 101 Summer Street. The property was built in 1999 and is comprised of 143 residential units, two commercial spaces and a 213-space parking garage.
The loan is structured as a 24-month floating rate loan with three options to extend the term of the loan for a period of 12 months each. The residential component is currently 92 percent occupied and the commercial component is 100 percent occupied.
“Since acquiring this property, the borrower has invested approximately $367,000 in a variety of capital improvements including repainting the common areas, replacing common area carpeting, lighting and security upgrades, and interior renovations on eight units,” noted Steven Cox, managing director at Hunt Mortgage Group.
“The new loan was structured to include a $703,000 capital improvement reserve which will go towards continued renovation and improvement of the property.”
Additional improvements planned include interior renovations of 48 of the property’s units.
“The borrowers are skilled and seasoned investment professionals who are well versed in leveraging a variety of financial solutions throughout the capital stack, including joint venture equity, preferred equity, mezzanine investments and acquisitions,” added Cox.
